Sea Ltd. reported net income of US$428 million for the three months through March, up 6% from a year earlier and above analysts’ average estimate of US$394 million. Revenue rose 47% to US$7.1 billion, also topping expectations. [1, 2, 3, 4]
The earnings beat sent Sea’s shares higher. Sources said the stock gained about 6% in pre-market trading and later rose 13% in New York to its highest level since early March. [2, 3, 4]
Sea said competition remains intense in Southeast Asia’s e-commerce market, with ByteDance’s TikTok, Alibaba’s Lazada and Temu all pressing for sales. The company said it is on track to meet its 2026 guidance for about 25% growth in e-commerce gross merchandise value. [2, 3, 4]
Chief executive Forrest Li said the company must “make the right calls, execute extremely well, remain very disciplined and compete relentlessly,” as Sea tries to hold its edge in the region. Sea also said artificial intelligence investments are helping improve ad targeting and cut customer service costs. [2, 3, 4]
Sea’s e-commerce arm Shopee grew revenue about 45% in the first quarter, while adjusted EBITDA fell 16%. Morgan Stanley analyst Divya Gangahar Kothiyal said the results “should alleviate growing investor fears on profitability with investments starting to show returns.” Sea’s first share buyback programme, announced in November, was for as much as US$1 billion. [2, 3]
Regulatory risks in Indonesia remain a concern for the business, according to the reports, including proposed limits on platform commissions for motorcycle drivers and possible online shopping restrictions for children. Sea also said in its Chinese-language report that Taiwan’s pickup-store network topped 3,100 locations in the first quarter, up nearly 50% from a year earlier, while buyer wait times fell 12%. [2, 4]
The same report said Sea’s digital financial services unit Monee grew revenue 58% and Garena orders rose 20%. Sea said it is continuing to expand its services as it works toward its 2026 growth target. [4]
